In this portion of the project, you will be addressing the controls, implementation, and marketing organizational processes for Proctor and Gamble to develop its marketing plan.
In this assignment, you will research, analyze, and create the marketing plan sections described below.
- Controls: Create the appropriate management measures that will help the company evaluate the expected results or show the unexpected performance deficiencies that will need corrective action.
- Implementation: Demonstrate how your implementation phase will be monitored with the selected controls that are expected to ensure the plan’s success.
- Marketing Organization: Finally, demonstrate how you have organized your firm’s marketing organization (by function, geographic location, product, customer) to reach the set marketing goals. Show how the rest of the company’s departments also participate in the planning phase.
reference at least three sources to support this section of your marketing plan.
All sources used, including the textbook, must be referenced and follow APA formatting, and quoted or paraphrased material must have accompanying in-text citations.
Textbook:Aaker, D. A., & Moorman, C. (2018).Strategic market management(11th ed.). Hoboken, NJ: Wiley.
Marketing Plan Project: Phase 3 Marketing Plan Project: Phase 3 Proctor & Gamble Marketing Plan1 Denise Watson Strategic Marketing Dr. Angela February 26, 2019 Estimate budget for P&G for starting organizational operation Marketing department generally plays the pivotal role in promoting the overall business leads to fulfil the organizational mission and vision easily. Preparation of financial budget is essential for all the business organization to fulfil the organizational objectives in an efficient manner. High organizational brand image and financial position also allows the organization to create effective marketing plan to increase sales volume as well as profitability (Cropper, 2018). For effective marketing, organization needs to set up a new marketing branch in different places. At the same time organization needs to analyse the current market and needs to gather information with a view its core competitors and it will provide this company higher competitive advantages in operating market (Zietlow et al., 2018). The organization also needs to take advice from the professional advisors to make all the paper works leads to avoid the legal obligations in future. The organization also needs to develop or upgrade its website and that is necessary to trigger the organizational sales. Online marketing will also grab the attention of many customers and it will provide the organization other upcoming opportunities. Apart from that, the marketing executive and managers will gather feedback regularly from the customers and involve the potential external stakeholders in the decision-making process to get a validate result from the strategic implementation process. Gather feedback from customers will also help P&G in product development work (Chaffey & Ellis-Chadwick, 2019). The research development team will analyse the feedback from customers to provide the customer with more satisfaction leads to attach the customer psychologically with the brand (Camilleri, 2018). There are different options such as conduct campaigning for a marketing initiative, producing more marketing and promotional materials, creating effective contact and search engine optimization for the website will also increase the number of online response. The organizational financial condition is high so that organization can spend a good amount for marketing segment. Effective graphics design and implementation of improved technology will help P&G to increase the organizational position further (Al-Mutairi, Naser & Saeid, 2018). For managing day-to-day workforce some official equipment are needed such as computers, printers, mobile phones, manufacturing equipment, office furniture and other electrical tools. The expected cost for the plant and equipment is $25500. P&G needs to provide room rent and needs to make lease bond. For lease bond, company needs to pay the legal fees, insurance, installation of equipment and other fees. Organizational operating is essential and that will increase organizational financial position as well as profitability. At first, the company will advertise the entire product through digital and social media and after that the marketing executives needs to provide banners and posters in different places (Cropper, 2018). At the same time, the management also needs to focus on word of mouth promotional system that is very effective and provide these organization huge loyal customers in future. Staffs are one of the important assets for all the organization so that company needs to recruit some new staffs for new marketing branches and also need to offer the candidates good salaries and that will motivate all the staffs and workers leads to improve the overall working excellence of the organization (Zheng, Xu & Xie, 2019). The initial cost of the project is $5500 and it includes preliminary survey in operating market, selection of suitable place for the business, identify the buying behaviour and current market trends etc. Identification of this factor is vital to make the overall project sustainable. Working capital is also needed for this company to manage day-to-day operations in an effective manner. This organization will analyse its strength, weakness, Opportunities and threats to understand its current position and market competition of P&G is very high. For that, reason organization needs to implement various strategies before making planes and decision for marketing (Zietlow et al., 2018). According to budget, the total establishment cost of the project will be $90800. Apart from that Effective marketing strategies such as Pricing strategies, product, promotion, place will help P&G to improve its sales volume further. Initial start-up costs Set up cost of new marketing branches $ 5,500 Professional advisors Legal cost $ 500 Accounting cost $ 750 cost of Training course $ 1,500 Website development charge $ 2,500 Fees for graphics design $ 500 Licences and Registrations Licenses and permits $ 450 Professional association fees $ 750 Plant and Equipment Computers, printers and other equipment $ 6,000 Vehicles for official use and delivery $ 15,000 Mobile phones $ 1,000 Office furniture $ 750 Photocopier $ 600 Other Manufacturing equipment $ 1,500 Electrical Tools $ 650 Business premises One month's rent $ 1,000 Lease bond $ 700 Legal fees for lease preparation $ 350 Fit-out costs $ 250 Telephone installation $ 250 Utilities installation $ 600 Insurance premium $ 300 Operations Business cards, letterheads $ 100 Business accommodation and travel cost $ 700 Cost of Office supplies $ 600 Charge for Opening inventory and other raw materials $ 3,000 advertising and promotion for the organization $ 2,000 Staff Wages and salaries $ 15,000 Contingency* $ 3,000 Working capital, 2-3 months* $ 25,000 Total establishment costs $ 90,800 The Accountants and the finance department generally make the budget for the organization so that management needs to provide all the historical data to the financial department that will help to understand the current and previous financial conditions of the company. At the same time situational, the analysis is also essential for every business entities before taking any marketing plan for financial or sales growth (Chaffey & Ellis-Chadwick, 2019). Collection of different information such as current economic condition, political condition, social environment, technological factors, legal factor, environmental factor etc. will help this business to make the overall development sustainable. There are different factors such as bargaining power of the customer, bargaining power of the supplier, threats of new entrants etc. gather furious internal and external factor of the market will provide the company huge competitive advantages in operating market (Zheng, Xu & Xie, 2019). This organization also needs to recruit a monitoring team during the implementation of this project. The organization also needs to set up a post-project monitoring team to reduce the chances of upcoming threats. References Al-Mutairi, A., Naser, K., & Saeid, M. (2018). Capital budgeting practices by non-financial companies listed on Kuwait Stock Exchange (KSE). Cogent Economics & Finance, 6(1), 1468232. Camilleri, M. A. (2018). Integrated Marketing Communications. In Travel marketing, tourism economics and the airline product (pp. 85-103). Springer, Cham. Chaffey, D., & Ellis-Chadwick, F. (2019). Digital marketing. Pearson UK. Cropper, P. (2018). Budgeting and Financial Planning in UK Universities: Accuracy, Caution and Control in an Era of Financialisation (Doctoral dissertation, University of Huddersfield). Zheng, P., Xu, X., & Xie, S. Q. (2019). A weighted interval rough number based method to determine relative importance ratings of customer requirements in QFD product planning. Journal of Intelligent Manufacturing, 30(1), 3-16. Zietlow, J., Hankin, J. A., Seidner, A., & O'Brien, T. (2018). Financial management for nonprofit organizations: policies and practices. John Wiley & Sons.